Upstream news

The regulation provides that exploratory drilling projects in a specific area of the Canada-Newfoundland and Labrador offshore are excluded from the requirement to undergo a project-specific federal Impact Assessment.

Oil prices rose this morning on indications that an OPEC+ meeting is coming soon, with an agreement to extend June’s production-cut levels to July.

Borr Drilling will now delay delivery of five newbuild jack-up rigs until mid-2022.

Although a FID for the project is on hold, Aker Energy has said it is working actively to confirm the feasibility of a phased field development by executing conceptual studies.

Premier Oil will pay BP a reduced fee of US$210 million for the Andrew Area and Shearwater assets.

Lukoil has cut its CAPEX guidance for this year to 450 – 500 billion roubles from 550 billion roubles (US$8 billion).

Wood will focus on reducing carbon intensity from its sites, equipment and vehicle use, the increased utilisation of renewable energy sources and more sustainable procurement policies.

The additional work will commence directly after the conclusion of a previously announced contract, and will last approximately two weeks.

The Velox™ wellhead system is designed for operators needing to lock in pressure integrity while enhancing safety and improving efficiency.

The biggest drop will come in the exploration for new reserves and in spending on development plans, while ongoing oilfield construction work continues largely as expected, data from Norway's national statistics agency showed.